Ethereum (ETH) is trading at $3,610, up 0.30% in the last 24 hours, with a trading volume of $15.62 billion. The cryptocurrency market, with a total capitalization of $3.47 trillion, continues to show resilience amid fluctuating sentiment, as evidenced by a Fear and Greed Index score of 61 (Greed).
Ethereum, currently ranked #2 with a market cap of $435.12 billion, is testing a critical resistance zone at $3,675, which aligns with a descending trendline and forms a double-top pattern—a pivotal area for traders to watch.
Current Market Overview
The crypto market’s trading volume stands at $87.46 billion, reflecting steady investor participation. Altcoin Season Index registers 52/100, suggesting a balanced dynamic between Bitcoin and altcoins. Ethereum’s price movement is a focal point as traders anticipate potential breakouts to higher levels.
Ethereum’s Key Price Levels and Indicators
Ethereum is encountering immediate resistance at $3,675, a level critical for any bullish continuation. Breaking above this pivot could pave the way to test $3,829 and $3,977.
However, failure to breach this level may lead to a pullback toward $3,504, with further support at $3,299 and $3,097.
Momentum indicators present a mixed picture. The Relative Strength Index (RSI) stands at 60, indicating moderate bullish sentiment.
Ethereum remains above its 50-day Exponential Moving Average (EMA) of $3,490, reinforcing the short-term uptrend.
Nonetheless, the double-top formation raises concerns about potential reversals if the $3,675 resistance holds.
What Traders Should Watch
The Fear and Greed Index at 61 shows prevailing optimism, yet market participants should remain cautious around Ethereum’s current resistance. A breakout above $3,675 could ignite buying momentum, pushing the price toward higher resistance targets.
On the flip side, failure to sustain above this pivot may expose Ethereum to corrective moves, with the 50-day EMA offering initial support.
Key Insights:
Resistance Levels: Immediate resistance at $3,675; breakout could target $3,829 and $3,977.
Support Levels: Key support at $3,504, followed by $3,299 and $3,097.
Market Sentiment: RSI at 60 signals moderate bullish sentiment; price above the 50 EMA suggests near-term strength.
For now, traders should keep a close eye on $3,675 as the decisive point for ETH’s next move.
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